If you own shares of a company in B.C., note that the B.C. government will launch a public transparency register by late spring or early summer 2025.

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Since October 2020, private B.C. companies have been required to maintain internal transparency registers disclosing individuals with substantial control or influence. With the enactment of new laws, this information will soon be accessible to the public.

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Starting as of spring 2025, companies—including limited, unlimited liability, community contribution, and benefit companies—must file their transparency register information online. These filings are due within 6 months of incorporation, annually, and within 15 days of any changes.

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The updated rules also shorten the time to update internal registers from 30 to 15 days upon discovering new information. Registers must now include additional details such as social insurance or individual tax numbers and, if applicable, statements of incapacity.

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It remains unclear whether the new registry will allow public searches by individual name or only by company name. The federal registry restricts individual-name searches due to privacy concerns; B.C.'s approach is still to be confirmed.

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Businesses should ensure compliance with the upcoming filing and disclosure obligations in order to avoid penalties or fines.

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If you are a business owner with any questions related to the new transparency register requirements, reach out to Aman Bindra at [email protected] or 604-591-7321 today.